Canadian Pacific reports best first quarter results in company’s history

27 April 2013

Canadian Pacific Railway Limited today announced record Q1 2013 results.

Reported net income in the first quarter was $217 million, or $1.24 per diluted share, versus $142 million, or $0.82 per share, in the first quarter of 2012. This represents a 51 per cent year-over-year improvement in earnings per share.

FIRST-QUARTER 2013 RESULTS COMPARED WITH FIRST-QUARTER 2012:

* Total revenues were $1,495 million, an increase of 9 per cent and a quarterly record
* Operating expenses were $1,133 million, an increase of 3 per cent
* Operating income was $362 million, an increase of 32 per cent
* Operating ratio was 75.8 per cent, a 430 basis point improvement and a quarterly record

“CP delivered the best first quarter results in its history despite challenging winter conditions,” said E. Hunter Harrison, Chief Executive Officer. “This is a true testament to the determination and perseverance of our outstanding team of railroaders. There remains a lot of work to do as we continue to make significant changes to our operating model. With a very strong start to the year and momentum quickly building, I am now even more confident that we are on pace toward the best year-end financial and operating performance in CP’s history.”

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“The transformational journey of the railway continues,” added Harrison. “Through ongoing culture change and focused, disciplined execution of the plan, we will make this franchise even stronger, adding significant value to customers and shareholders.”